What if every 25 year old got £10,000?

[RamirezDoEverything]

I have most of my university fees already figured out, so I'd just pay off the rest and stick the rest into a bank for a rainy day.

Nothing that exciting.

 

[ADDmuse]

Seeing as 10,000 pounds is 15,677 dollars in the U.S. I would put the $15k in a bank and I would have the change to do stuff like pay rent, buy people presents or meals, and maybe some nicer clothes. Or I could put $10k in the bank and use the rest to get an awesome computer. Either way I'd have a lot of money in savings.

 

[AuronFtw]

I imagine the main 25 years old's it will benefit are those who didn't have a higher education. They'd probably put the money towards their first house, or a buy a new car or use it for holidays or whatever. I imagine most graduates however would simply use that money to pay off their debts.

I'm... confused. How would the "main" benefit be to people without debts? Debts mean you're literally in the negative. Anything you make is already owed to someone else, with interest to boot. The sad state of American education is that the majority of graduates (and especially post-grads going for masters) are in quite a bit of debt, and $15,657 USD would take a good chunk out of it.

That much money will help *anyone,* but I'd argue that it's worth most benefiting those with higher education by removing their debts (that, honestly, wouldn't be there in the first place if America's higher education system wasn't such a fucking joke). Past that, helping one guy buy a house is about the same as helping another guy buy a house.

 

[anthony87]

Obviously I'd buy £10,000 worth of Skittles and just eat Skittles until my teeth fell out.

I wonder what would happen first, your teeth falling out or your jaw falling off. A couple of packs of Skittles in a row and my jaw starts killing me.

Now that I think about it......it's been at least 3 years since I've had Skittles. I should go buy some.

 

[michael87cn]

At 25 the majority of people are either reasonably well set financially, (making this an excellent but not usually critical bonus) or have proven to be... less than responsible with their funds. (in which case throwing free money at them is almost certainly not going to help, in some cases especially if they know it is coming)

There are people who lie in between of course, myself included, but I don't think that this group is large enough to make this a good idea.

I honestly can't see where you get the idea that anyone is well set at 25. Are you a teenager? I'm 26 and still work minimum wage. My parents could never afford to buy me a car or help me with any kind of college money, so those things have never been an option for me yet, as the cost of living takes 90% of my money on a consistent basis.

It was my understanding that most people are living like this and that people that can afford educations and stuff are a minority. I mean, if not... share the wealth, please?

If I had 10,000 I would be able to have hope for a happy life.

Also: a degree a job does not guarantee you. I've known guys for 6 years now that have degrees but are stocking shelves still.

 

[lunavixen]

If I was to get $10000 when i turned 25, i'd put $1000 in savings and the rest would go to my HECS debt (as that'd pretty much cut it in half)

 

[Evil Smurf]

I'd put it in my bank account to save it, I might use it to travel to America and Europe though.

 

[CardinalPiggles]

Blackjack and hookers. What else?

Seriously though, I'd be able to take driving lessons and get a motorbike, and also move out of this shit hole I currently live in (and away from these scumbags I currently live with).

That should leave me with enough to buy a sandwich and a cup of tea.

 

[The Lugz]

save / invest it.. cause all I care about is technology and most of what I want hasn't been invented yet

I want a batch of self replicating nano-bots, a functional quantum logic co-processor augmentation, I'll settle for neural supercomputer, to co-ordinate the nano bots and a personal thorium reactor and enough mass to build a small village.

and if you've ever played supreme commander you can figure the rest out for yourself

this will be my personal 2040 chess set.
all right nanos, time to build a tech 4 engineer.. this might take a while.

 

[WolfThomas]

I'm 25 and from Australia. So that's ~17,000 AUD. I'd add that to my current savings and use it as a deposit for a mortgage.

 

[Nickolai77]

I imagine the main 25 years old's it will benefit are those who didn't have a higher education. They'd probably put the money towards their first house, or a buy a new car or use it for holidays or whatever. I imagine most graduates however would simply use that money to pay off their debts.

I'm... confused. How would the "main" benefit be to people without debts? Debts mean you're literally in the negative. Anything you make is already owed to someone else, with interest to boot. The sad state of American education is that the majority of graduates (and especially post-grads going for masters) are in quite a bit of debt, and $15,657 USD would take a good chunk out of it.

That much money will help *anyone,* but I'd argue that it's worth most benefiting those with higher education by removing their debts (that, honestly, wouldn't be there in the first place if America's higher education system wasn't such a fucking joke). Past that, helping one guy buy a house is about the same as helping another guy buy a house.

Depends how you define "benefit". If i'm using the money to pay off my debt i'm not adding to my own material or social well-being by buying clothes, cars or taking a holiday for instance. Paying off ones debt is a separate type of benefit which doesn't directly improve one's well-being. Essentially which would give you more satisfaction? Using the 10,000 to buy a new car or paying of debt? Debts a financial obligation you have to pay whereas luxury goods more directly improve your well-being.

 

[dementis]

£5000 in an ISA, the other £5000 would be spent on a deposit to rent my own place and an older mid-range motorcycle because having a license and nothing to ride is horrible.

 

[somonels]

History has shown that direct governmental support, as in giving money for X, doesn't work for the long term in any field.
But I sure as heck would prefer it over a shitty pension I'm unlikely to have. Better to get a loan forced on you than keep lending money for the remote chance you might start getting a bit of it back near the end of your life.

 

[Rack]

If I (and only I) got £10,000 at 25 I'd have been able to get a mortgage and I'd be about £200,000 better off today.

If everyone got it I have no idea what that would have done to inflation and housing costs and so on.

 

[Strazdas]

you every 25 year old would get 10.000, there would be a lot of people in the informary that day from drunk driving or just overdose.

What i would do if i would get the money now (i am 23, roll with it). Well, i would buy the following things: Garage door against thieves breaking into my car. a PC. Curtains. Vacuum cleaner. Dishwasher. Sofa. Projector.
The rest would go as partial payment to speed up paying back the loan i got for my apartment. It wouldnt settle it, but it would help a lot.

Now. if you were to give me 200.000, i would instantly retire, invest the money and live of the return.

Essentially which would give you more satisfaction? Using the 10,000 to buy a new car or paying of debt?

Paying a debt. I would be extremely satisfied to not be in the negative all the time and knowing that if i were to stop getting income i would not loose my job. It is many times more important to me than the joy i would get by getting a vehicle that i would use to get from point A to point B more confortably.

 

[OneOfTheMichael's]

It'd probably be the biggest mistake a government could do. "What GIVE away money?! for FREE?!!!" Plus everyone over 25 would get pissed off that they missed the opportunity, and those that do get paid can't expect everyone to spend the money wisely.

 

[loc978]

I would've thrown it into the bank and continued working 80+ hour weeks for the US Army. My mid twenties were a bad time.

Also, money from the government comes from taxes, which comes from people who can't afford to launder their shit in tax havens (generally anyone under the highest tax bracket)... probably among the worst uses I've seen for increasingly limited funds.

 

[rasputin0009]

That is the worst idea for a social program or economic stimulus or whatever you want to call it.

First off, your taxes would be stupid high for no reason. Taking money from everybody just to give it back to everybody?

Second, that money is extremely vulnerable to foreign interference and "scams".

Third, holy shit, that money could have gone to anything else.

 

[Scarim Coral]

If I had that amount of money last year then I would of been one step closer to finding my own place to lived. Granted I know for sure that my parent would of put that cash into my stock, horay for that...

 

[Thanatos5150]

At 25 the majority of people are either reasonably well set financially, (making this an excellent but not usually critical bonus) or have proven to be... less than responsible with their funds. (in which case throwing free money at them is almost certainly not going to help, in some cases especially if they know it is coming)

There are people who lie in between of course, myself included, but I don't think that this group is large enough to make this a good idea.

I think the "in between" group consists of the majority of indviduals. Speaking, of course as a super-stingy 25-year old from a poor family who is not financially well-off and possessing of a terrible job.

That being said, this converts to approximately 15,500 USD for me, so... I'd find a decent apartment, pay a year's worth of rent up front, set aside the remainder in a bank account to buy groceries for a while, and sit down and spend more time writing for a year.